FEM vs QLVE: Grades, Fees and Holdings Compared

First Trust Emerging Markets AlphaDEX Fund

FEMCNasdaq

Northern Trust Emerging Markets Quality Low Volatility ETF

QLVEBNYSE Arca

Overlap

6.5%by weight

Expense ratio

QLVE −0.62pt a year

FEM0.80%QLVE0.18%

Avg volume · 30D

FEM 246.5×the volume

FEM99.6KQLVE404

5Y return · a year

FEM +0.9pt

FEM+7.9%QLVE+7.0%

FEM vs QLVE Performance

Oct 29, 2021 – Oct 30, 2026

+46.0%FEM+40.2%QLVE

Expense ratio: FEM 0.80%; QLVE 0.18%, better
Fund size: FEM $756M; QLVE $16M
1Y total return: FEM +17.7%, better; QLVE +11.2%
Yield (12M): FEM 2.31%; QLVE 3.17%, better
Holdings: FEM 163; QLVE 155
Avg volume (30D): FEM 99.6K sh, better; QLVE 404 sh
NAV per share: FEM $30.94; QLVE $32.48
52W range

ETF.net Grade

Pillar letters and Scores for FEM, QLVE, with each pillar’s weight
Pillar	FEM	QLVE
Cost30% weight	F3	A100Higher
Mission25% weight	Not scored	A93
Risk15% weight	B63	B66Higher
Tradability15% weight	A75Higher	F11
Holdings10% weight	B65Higher	D32
Durability5% weight	A79Higher	D33

Rank among Emerging Markets Multifactor funds

How we build Categories ›

Same Category. FEM and QLVE are both graded against the same 20 Emerging Markets Multifactor funds, so their Grades compare head to head.

Emerging Markets Multifactor⁠

Category · 20 funds

See all 20 ›

QLVE ranks 7th and FEM 12th of 20 funds in the Emerging Markets Multifactor Category.

Rank 6BJPEMJPMorgan Diversified Return Emerging Markets Equity ETFScore 62
Rank 7BQLVENorthern Trust Emerging Markets Quality Low Volatility ETFScore 61
Rank 8BROAMHartford Multifactor Emerging Markets ETFScore 60
Rank 11CEQLTiShares MSCI Emerging Markets Quality Factor ETFScore 46
Rank 12CFEMFirst Trust Emerging Markets AlphaDEX FundScore 42
Rank 12CJHEMJohn Hancock Multifactor Emerging Markets ETFScore 42

Our read on each fund

ETF.net Research

FEMCFirst Trust Emerging Markets AlphaDEX Fund

QLVEBNorthern Trust Emerging Markets Quality Low Volatility ETF

In short

FEM A 2011-vintage take on emerging markets that skips cap-weighting: it ranks stocks on growth and value factors, keeps the top scorers, and weights them in tiers, so the megacap giants don't run the portfolio. The fee sits at the high end.

QLVE Most emerging-markets factor funds chase value. QLVE goes the other way: cut the weakest fifth on quality, then optimize what is left toward lower volatility. Cost is 0.18% net of a waiver through March 1, 2027.

Stated mandate

FEM The fund seeks results that generally correspond, before fees and expenses, to the price and yield of the Nasdaq AlphaDEX Emerging Markets Index. It normally invests at least 90% of net assets in index securities and uses indexing to replicate the index.

QLVE The Fund is designed for investors seeking emerging-markets exposure with an emphasis on quality and low volatility. It seeks to match, before fees and expenses, the performance of the Northern Trust Emerging Markets Quality Low Volatility Index.

Why people hold it

FEM Ranks emerging-market stocks on growth and value factors, then weights the survivors in tiers, so the strongest scorers carry more weight than size alone would give them.nasdaqomx.com
Holds roughly 160 names under tiered equal weighting, leaving more room for mid-size and smaller companies than a cap-weighted EM benchmark.nasdaqomx.com
Running since 2011 through several EM cycles, with at least 90% of net assets in index securities and cash paid out quarterly.
A few hundred million in assets and moderate volume: no giant, but an established fund rather than a launch-stage one.

QLVE At 0.18% net of a waiver through March 1, 2027, it undercuts every top-scoring fund in its peer group, including EMGF at 0.26% and FDEM at 0.25%.
The index cuts the lowest-quality fifth of emerging-markets large and mid caps on profitability, cash flow and capital deployment, then optimizes the rest for lower volatility.flexshares.com northerntrust.com
Sector, industry and country weights are held within set bands of the parent benchmark and turnover is capped near 12% a rebalance, curbing the sector drift low-vol screens invite.northerntrust.com sec.gov
Sits in the upper half of its emerging-markets factor peer group and has stayed close to its stated index.

Worth knowing

FEM At 0.80% a year it costs well above the median fee in its multifactor EM group, where cheaper builds exist (EMGF at 0.26%, AVES at 0.36%).
The factor screen and tiered weights can push results well away from headline cap-weighted EM indexes, in either direction.nasdaqomx.com
Country and sector weights fall out of the ranking rules, so nobody is steering exposure toward or away from a given market.nasdaqomx.com

QLVE Thinly traded with a small asset base, so spreads can run wider than the category heavyweights and limit orders matter more.
Roughly 160 holdings with meaningful weight in the largest names, so it is more top-heavy than a broad emerging-markets index fund.
Lower volatility is the design goal, not an outcome the fund controls: the index aims to be calmer than its parent, and the fund tracks it either way.sec.gov flexshares.com

Full FEM profile⁠

Full QLVE profile⁠

FEM vs QLVE Holdings

How FEM and QLVE differ

Overlap by weight

6.5%

Shared holdings make up 11.4% of FEM and 7.4% of QLVE.

Level by level

Holdings16 in both6.5%
Sector11 Sectors67.4%
Countryby domicile69.4%
Asset classEquity100%

Sector

Sector weights in FEM and QLVE, widest gap first
Sector	More in FEMMore in QLVE	FEM	QLVE
Industrials	FEM +16.7 points	19.5%	2.8%
Financials	QLVE +11.3 points	5.8%	17.1%
Technology	QLVE +10.7 points	29.1%	39.8%
Communication	QLVE +6.3 points	4.0%	10.3%
Materials	FEM +6.2 points	8.8%	2.7%
Energy	FEM +5.8 points	14.0%	8.2%
Consumer Staples	QLVE +3.0 points	3.0%	6.0%
Real Estate	FEM +1.8 points	2.3%	0.5%
Utilities	FEM +1.8 points	6.0%	4.3%
Health Care	QLVE +1.3 points	2.6%	3.9%
Consumer Discretionary	FEM +0.4 points	4.7%	4.3%

Country, concentration and asset class

Country by domicile

Country weights in FEM and QLVE, widest gap first
Country	More in FEMMore in QLVE	FEM	QLVE
South Korea	QLVE +18.7 points	0.0%	18.7%
South Africa	FEM +9.0 points	11.8%	2.8%
India	QLVE +6.8 points	10.0%	16.8%
Poland	FEM +4.6 points	4.8%	0.2%
Malaysia	QLVE +4.3 points	1.1%	5.4%
Mexico	FEM +3.7 points	5.1%	1.4%
Taiwan	FEM +3.4 points	31.2%	27.8%
Indonesia	FEM +3.3 points	3.3%	0.0%
Other countries (9)	FEM +5.7 points	32.6%	26.9%

Outside the US: FEM 0% developed, 100% emerging. QLVE 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

FEM12.3%
QLVE37.9%

Securities held

FEM153
QLVE137

Asset class

FEM: Equity
QLVE: Equity

Holdings

Only in FEM137
In both16
Only in QLVE121

Only in FEM

137 securities, 88.4% of FEM by weight

PTT Exploration and Production Pcl1.33%
Fibra Uno Administracion, S.A. de C.V.1.32%
BBB Foods Inc. (Class A)1.25%
Coca-Cola FEMSA, S.A.B. de C.V.1.24%
PGE Polska Grupa Energetyczna S.A.1.22%
PT Adaro Andalan Indonesia Tbk1.20%
PT Astra International Tbk1.19%
Wan Hai Lines Ltd.1.19%
Oil and Natural Gas Corporation Limited1.17%
Empresas Copec S.A.1.16%
Sunway Bhd1.16%
Sasol Limited1.16%
Ather Energy Limited1.15%
TS Financial Holding Co., Ltd.1.14%
Wistron Corporation1.12%
Tata Motors Passenger Vehicles Ltd.1.10%
KGI Financial Holdings Co. Ltd.1.10%
WPG Holdings Limited1.07%
Kalyan Jewellers India Limited1.06%
Asustek Computer Inc.1.06%
Global Unichip Corporation1.05%
Evergreen Marine Corp. (Taiwan) Ltd.1.03%
Sinopharm Group Co. Ltd. (Class H)1.02%
Cosco Shipping Holdings Company, Ltd. (Class H)1.01%
Suzano SA1.00%
Asia Vital Components Co., Ltd.1.00%
SM Investments Corporation0.98%
ITEQ Corporation0.98%
Ayala Corporation0.98%
Turk Hava Yollari Aonim Ortakligi (THY)0.97%
China Oilfield Services Limited (Class H)0.97%
Wiwynn Corporation0.97%
Yuanta Financial Holding Co., Ltd.0.96%
PTT Pcl0.96%
BIM Birlesik Magazalar A.S.0.95%
Synnex Technology International Corp.0.95%
Impala Platinum Holdings Limited0.95%
Ultrapar Participacoes S.A.0.93%
MOL Hungarian Oil and Gas Plc0.92%
Orlen SA0.91%
China Reinsurance (Group) Corporation (Class H)0.89%
Vibra Energia SA0.88%
PTT Global Chemical Pcl0.88%
Fositek Corp.0.87%
Laurus Labs Limited0.86%
Gigabyte Technology Co., Ltd.0.84%
Advantech Co., Ltd.0.84%
X-Trade Brokers Dom Maklerski SA0.84%
Nan Ya Plastics Corporation0.78%
KGHM Polska Miedz S.A.0.78%

Only in QLVE

121 securities, 91.6% of QLVE by weight

Taiwan Semiconductor Manufacturing Co Ltd Common15.18%
Samsung Electronics Co Ltd Common Stock Krw 1006.54%
Sk Hynix Inc Common Stock Krw 50004.41%
Industrial & Commercial Bank of China Ltd Common2.40%
Tencent Holdings Ltd Common Stock Hkd 0.000022.39%
Samsung Electronics Co Ltd Preference Krw 1002.02%
Hdfc Bank Ltd Common Stock Inr 11.28%
Mediatek Inc Common Stock Twd 101.22%
Bank of China Ltd Common Stock Hkd 11.17%
Infosys Ltd Common Stock Inr 51.10%
Chunghwa Telecom Co Ltd Common Stock Twd 101.05%
First Financial Holding Co Ltd Common Stock Twd 101.04%
United Microelectronics Corp Common Stock Twd 101.03%
Tata Consultancy Services Ltd Common Stock Inr 11.03%
Novatek Microelectronics Corp Common Stock Twd 101.01%
Petroleo Brasileiro SA - Petrobras Common Stock0.95%
Bb Seguridade Participacoes SA Common Stock Brl0.93%
Far Eastone Telecommunications Co Ltd Common Stock0.91%
Ptt Exploration & Production Pcl Nvdr Thb 10.90%
Emirates Integrated Telecommunications Co Pjsc0.89%
China Construction Bank Corp Common Stock Hkd 10.88%
Caixa Seguridade Participacoes S/A Common Stock0.88%
Jarir Marketing Co Common Stock Sar 10.87%
Sun Pharmaceutical Industries Ltd Common Stock Inr0.86%
Bharti Airtel Ltd Common Stock Inr 50.84%
Bangkok Dusit Medical Services Pcl Nvdr Thb 0.10.83%
Chongqing Rural Commercial Bank Co Ltd Common0.82%
KT&G Corp Common Stock Krw 50000.79%
Hcl Technologies Ltd Common Stock Inr 20.78%
Asian Paints Ltd Common Stock Inr 10.77%
Hindustan Unilever Ltd Common Stock Inr 10.76%
Eicher Motors Ltd Common Stock Inr 10.75%
Guangdong Investment Ltd Common Stock Hkd 00.75%
Samsung Sds Co Ltd Common Stock Krw 5000.74%
Marico Ltd Common Stock Inr 10.73%
Ecopetrol SA Common Stock Cop 2500.72%
Mega Financial Holding Co Ltd Common Stock Twd 100.70%
Tingyi Cayman Islands Holding Corp Common Stock0.69%
Saudi Basic Industries Corp Common Stock Sar 100.68%
Saudi Investment Bank/The Common Stock Sar 100.68%
Public Bank Bhd Common Stock Myr 00.67%
Saudi Aramco Base Oil Co Common Stock Sar 100.66%
Pidilite Industries Ltd Common Stock Inr 10.64%
Cipla Ltd/India Common Stock Inr 20.63%
Korea Electric Power Corp Common Stock Krw 50000.63%
China Citic Bank Corp Ltd Common Stock Hkd 10.63%
Britannia Industries Ltd Common Stock Inr 10.62%
Manila Electric Co Common Stock Php 100.61%
Fertiglobe PLC Common Stock0.60%
Taiwan Mobile Co Ltd Common Stock Twd 100.58%

Weight gaps

All 16 Holdings in both funds, largest gap first.

Holding weights in FEM and QLVE, widest gap first
Holding	More in FEMMore in QLVE	FEM	QLVE
China Tower Corporation Limited (Class H)	FEM +0.72 points	1.16%	0.44%
Gold Fields Limited	FEM +0.61 points	0.63%	0.02%
PICC Property and Casualty Company Limited (Class H)	FEM +0.59 points	0.69%	0.10%
Hon Hai Precision Industry Co., Ltd. (Foxconn)	FEM +0.57 points	0.66%	0.09%
Largan Precision Co. Ltd.	QLVE +0.57 points	0.20%	0.77%
Tim S.a.	FEM +0.55 points	0.92%	0.37%
Turkiye Petrol Rafinerileri A.S.	FEM +0.48 points	1.05%	0.57%
Allegro.eu SA	FEM +0.37 points	0.53%	0.16%
Koc Holding A.S.	FEM +0.29 points	0.63%	0.34%
Unimicron Technology Corporation	FEM +0.25 points	0.37%	0.12%
Telefonica Brasil S.A.	FEM +0.18 points	0.68%	0.50%
Promotora y Operadora de Infraestructura, S.A.B. de C.V.	FEM +0.17 points	1.01%	0.84%
GRUMA, S.A.B. de C.V.	QLVE +0.15 points	0.23%	0.38%
Petroleo Brasileiro S.A. (Petrobras) (Preference Shares)	QLVE +0.14 points	1.19%	1.33%
PetroChina Company Limited (Class H)	FEM +0.04 points	1.05%	1.01%
Petro Rio S.A.	QLVE +0.02 points	0.26%	0.28%

All 158 FEM holdings⁠All 166 QLVE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FEM vs QLVE Cost

Overpaying FEM vs QLVE

$11,597

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FEM 0.80%
$15,346
QLVE 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

FEM 0.80%
QLVE 0.18%
Overpaying

Year by year

Year	FEM	QLVE	Overpaying
10	$1,422	$328	$1,094
20	$5,393	$1,281	$4,112
30	$15,346	$3,749	$11,597

Expense ratio

0.80%FEM
0.18%QLVE, cheaper

QLVE0.18%FEM0.80%

0.18%0.80%

Middle half of Emerging Markets Multifactor funds
Median 0.44%

QLVE cheapest of 20 funds

FEM 19th cheapest of 20 funds

FEM vs QLVE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FEM 2.31%; QLVE 3.17%, better
Payout (12M): FEM $0.72; QLVE $1.02
Last payment: FEM $0.28; QLVE $0.34
Ex-dividend: FEM Sep 24, 2026; QLVE Sep 18, 2026
Paid on: FEM Sep 30, 2026; QLVE Sep 24, 2026
Frequency: FEM Quarterly; QLVE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FEMQuarterly · 38 paymentsAll FEM payments⁠

QLVEQuarterly · 26 paymentsAll QLVE payments⁠

FEM vs QLVE Risk

Fall from peak · 5 years

FEM
QLVE

Risk facts

VolatilityStd dev, 3 years: FEM 13.7%QLVE 11.0%, better
Return per unit of riskSharpe ratio, 3 years: FEM 1.06QLVE 1.11, better
Worst fallMax drawdown, 5 years: FEM −28.5%QLVE −23.6%, better
Market sensitivityBeta, 5 years: FEM 0.81QLVE 0.83; Market = 1

Popular comparisons

FEMCvsEMGFA
First Trust Emerging Markets AlphaDEX Fund · iShares Emerging Markets Equity Factor ETF
Expense ratio
0.80% · 0.26%
Category
QLVEBvsEMGFA
Northern Trust Emerging Markets Quality Low Volatility ETF · iShares Emerging Markets Equity Factor ETF
Expense ratio
0.18% · 0.26%
Category
FEMCvsAVESA
First Trust Emerging Markets AlphaDEX Fund · Avantis Emerging Markets Value ETF
Expense ratio
0.80% · 0.36%
Category
QLVEBvsAVESA
Northern Trust Emerging Markets Quality Low Volatility ETF · Avantis Emerging Markets Value ETF
Expense ratio
0.18% · 0.36%
Category
FEMCvsFDEMA
First Trust Emerging Markets AlphaDEX Fund · Fidelity Emerging Markets Multifactor ETF
Expense ratio
0.80% · 0.25%
Category
QLVEBvsFDEMA
Northern Trust Emerging Markets Quality Low Volatility ETF · Fidelity Emerging Markets Multifactor ETF
Expense ratio
0.18% · 0.25%
Category